The FBI is concerned about a new type of cryptocurrency scam that is taking its toll. This consists of encouraging victims to download a fraudulent application to transfer all their Bitcoins and other digital currencies to it, in the hope of making their investments grow. Of course, the pirates leave discreetly with the accumulated sum, which is the equivalent of 69 million euros at present.
It is now common knowledge that cryptocurrencies are a real nest of scams. The problem with Bitcoin and its congeners is that scams often reach astronomical sums. So much so, in fact, that it didn’t take long for the FBI to take an interest in the phenomenon. For several years, the American institution has been closely monitoring the market and its excesses. In February, in particular, the latter seized the historic sum of 3.6 billion dollars from a hack.
Today, the FBI is warning investors about a devastating new type of scam. Specifically targeting fans of theter (UDST) and Ethereum, it is based on the principle of liquidity mining. As the FBI explains, this barbaric term refers to an investment strategy used to generate passive income by placing one’s assets in a pool of cash. The investor then earns commissions on each transaction using this pool.
Beware of this new cryptocurrency scam
Therefore, the principle of the scam is relatively simple. By directly contacting their victims on social media or dating apps, hackers convince them to download a bogus cash-mining app, promising quick and easy income. After pushing them to link their wallet to the app, “the crooks then erase victims’ funds without notification or permission”explains the FBI.
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To gain credibility, hackers add a fake dashboard to their apps, making the victim believe that their investments are earning them money. Particularly vicious, this method is nonetheless terribly fruitful. According to the FBI, it has already brought in more than 70 million dollars, or 69 million euros, to its operators.
Source: bitcoin.com